Support MSMEs

India has taken a lead on the Macro, Small and Medium Enterprise (MSME) sector, lending financial and technological support in the current weak global economic environment.

“We believe this (MSME) sector is vulnerable to global volatility and needs support, both in terms of finance and transfer of technology,” said Commerce and Industry Minister Mrs. Nirmala Sitharaman.

“MSME sustenance is crucial because they generate large employment in our countries,” said minister calling on the BRICS New Development Bank (NDB) come out with ideas and pilot projects for strengthening MSMEs in Brazil, Russia, India, China and South Africa, member countries of the grouping.

“This support, I believe, should also extend to the MSMEs in the BIMSTEC countries, which are also facing similar challenges of adaptation and survival,” said Sitharaman at the opening of a three-day BRICS Trade Fair in New Delhi on October 13, 2016.

(BIMSTEC is the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation involving Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.)

The minister also called on BRICS countries to join the “Make in India” programme and form joint ventures with Indian companies, both for the domestic market and exports.

There are also opportunities in the Services sector in the global trade, she added.

More than 1,000 entrepreneurs from BRICS and BIMSTEC countries are discussing trade, investment and technology collaborations during this 3-day Fair being held 12-14 October 2016.

She highlighted NDB participation in the Fair, saying it lends strength to enterprises in BRICS by extending timely credit.

“Its establishment is indicative of the urgent need for reform of the global financial system towards new global rules setting.

“It also provides scope to work on Sustainable Development Goals in BRICS, particularly those relating to trade and investment and economic growth for tackling poverty and unemployment,” said the minister. fii-news.com